Most of the original funding came from Harm Jan Huidekoper, a recent convert to Christian Unitarianism and a wealthy businessman, and from the Independent Congregational Church.

bringing with it Lombard's privilege of a tax exemption, "one of only three in Illinois granting full tax-exempt status in perpetuity for all college-owned property.

[11] The intention was to form the new university as a legal entity by June 15, 2011, but the two institutions withdrew from the plan in April 2011, citing issues related to governance and finances.

In 2011 the University of Chicago purchased the building and hired Kliment Halsband Architects to turn it into a home for the Neubauer Family Collegium for Culture and Society.

[16][17] From 2011 to 2021, Meadville Lombard was located in the South Loop neighborhood of Chicago, sharing space with the Spertus Institute for Jewish Learning and Leadership.